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Expert attributes drop of USD exchange rate to improved economy, 30 APRIL

Expert attributes drop of USD exchange rate to improved economy

Shafaq New/ The Iraqi dinar has gained ground against the U.S. dollar in recent days, with exchange rates falling to 1400 dinars per dollar, Jabbar Koran, the official spokesperson for the Sulaimaniyah currency market, said.

Koran attributed the dinar's strength to a combination of factors, including the positive impact of Iraqi Prime Minister Mohammed Shia al-Sudani's recent visit to Washington, the increased use of smart cards for dollar withdrawals, and the growing trade between Iraq and Turkiye, which is now conducted in both Iraqi dinars and Turkish liras.

"Al-Sudani's visit to Washington has led to increased U.S. support for the Iraqi economy and optimism among American parties regarding Iraq's infrastructure and banking reforms," Koran told Shafaq News Agency. "This has boosted confidence in the Iraqi economy and reduced demand for dollars."

Koran also highlighted the growing use of smart cards, which allow account holders to withdraw dollars from abroad. This, he explained, has reduced the need for individuals to purchase dollars locally, further contributing to the dinar's appreciation.

The recent agreement between Iraq and Turkiye to conduct bilateral trade in their respective currencies has also played a role in strengthening the dinar. "With an annual trade volume between the two countries ranging from 20 to 24 billion dollars, this shift away from dollar-denominated transactions has decreased the demand for U.S. currency in Iraq."

"The Iraqi central bank has been encouraging the use of alternative currencies in international transactions," he said. "A recent agreement with Saudi Arabia, for instance, allows for future trade to be settled in the respective national currencies of both countries."

"In the past, citizens would convert a portion of their salaries into dollars to cover housing loans, car payments, or other outstanding obligations," Koran explained. "However, with the increasing availability of alternative payment methods and the promotion of the dinar, people are no longer as reliant on the dollar."

While Koran expects the dollar to stabilize around 1400 dinars in the near term, he acknowledged the possibility of further appreciation, potentially reaching 1420 dinars per dollar. The central bank, he noted, has achieved its target for the exchange rate, but market dynamics could lead to further gains for the dinar.

"RV UPDATE" BY MILITIAMAN, 30 APRIL

 Militia Man  

Article:  "We will see the dollar decline in the black market soon...the central bank's credit rating [from the World Bank] is an A++ and exceeded the United Arab Emirates..."  That's the prime minister's advisor talking...That's phenomenal.  It's big.  It says a lot.  It says they have trust.  It says Iraq has the ability to pay back their bills.

Article quote: "...anticipating the impact of the central bank agreement with the US Treasury on exchange rates...it is hoped the Central Bank of Iraq will announce the measures that were agreed upon in Washington which could have positive impact on the exchange rate..."   The key focus is they're talking about the exchange rate, positive impacts, the US Treasury on exchange rates.  That is fascinating.

  There's clear signals the dinar and dollar relationship are going to be different in the future.  They state specifically the dinar will be better.  It's going to be stronger than the dollar, al-Sudani said it.  It's going to be better because of what?  Because of all these actions they're talking about now...It's huge.

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-militiaman-29-april.html

Dinar RV News Today🔥PM Advisor Revealed: Dinar's Strength & Historic For...

Bin Salman, al-Sudani discuss Gaza, bilateral ties in Riyadh meeting, 29 APRIL

Bin Salman, al-Sudani discuss Gaza, bilateral ties in Riyadh meeting

Shafaq News/ Iraq's Prime Minister Mohammed Shia have met with Saudi Crown Prince Mohammed bin Salman on Sunday in Riyadh for talks on bilateral ties and cooperation prospects between their respective countries, a press release by the former's media office said on Sunday.

The press release said the two leaders "pledged to strengthen ties between the two countries and reviewed the progress made in cooperation through the Iraq-Saudi Coordination Council."

Al-Sudani expressed Iraq's desire for broader economic cooperation with Saudi Arabia, which "would contribute to economic growth and create new opportunities in various sectors, benefiting both countries and their people."

Crown Prince Mohammed bin Salman welcomed the Iraqi Prime Minister and thanked him for attending the World Economic Forum, reiterating Saudi Arabia's commitment to fostering the "best possible relations" with Iraq and enhancing cooperation between the two neighboring countries.

"The meeting also addressed the situation in Gaza and the suffering of the Palestinian people at the hands of the Israeli occupation forces," the readout said. "The two leaders stressed the need for urgent efforts to end the conflict and its negative repercussions on regional and international stability."

'

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 29 APRIL

  Frank26  

  [Iraq boots-on-the-ground report] 

    FIREFLY: We have Saleh the finance advisor to Sudani on television, Iraqi Channel One right now and he's saying that today the 2024 budget it's in full force.  He also says it's active and there's no need to send this budget to parliament for any approval.  We are very confused.  We thought it was being amended...Now saying no need to send. 

 FRANK:  The budget does not need parliament.  I keep telling you this over and over over.  The budget waits for the new exchange rate.  The exchange rate is not waiting for anyone or anything especially stupid parliament.

FIREFLY:  The CBI comes out, they're talking about our banks and how much they have achieved and what they're going to be doing for us.   They're saying they are waiting to reveal what the USA Treasury has set for the positive results for our new exchange rate.  They are talking about the new exchange rate that's coming and they're saying it's a very positive impact that is coming.  

FRANK: Yeah you think!!  The beauty of this is this information is coming out so fast there's no way in the world that the articles can keep up with it.

 FIREFLY:  The new shipping cards [MasterCard], banks are giving this to all of us Iraqi citizens.  It's for buying fuel and for merchandising and stores and online shopping.  This is all on the television...obviously they're setting us up to give us a new exchange rate...

 FRANK:  Those that I told you to pay attention to are telling you, due to the trip to Washington DC your national currency, your dinar, will return to its price.  It will be reinstated back to what it was...

 FIREFLY:  TV says the Iraqi banks now have an advanced Swift system for high cash profit handling.

 FRANK:  That's really good because you didn't have that before because you didn't have any high value to your currency.  But now you're about to explode it...It's not like you have to read between the lines, just read the lines...

https://dinarevaluation.blogspot.com/2024/04/iraq-boots-on-ground-report-by-firefly_0474656862.html

More delay IQD Iraq budget BY NADER FROM MID EAST